The question asks to identify the type of account that includes receipts and expenditures related only to the current financial year. This points to a specific component of government budgeting that deals with day-to-day income and expenses.
Correct Option: B) Revenue budget is the account that includes receipts and expenditure related to the current financial year only. It deals with the government's day-to-day functioning and recurring income and expenses.
A deficit budget occurs when government expenditure exceeds government revenue. To reduce a deficit, the government must either increase its revenue or decrease its expenditure. We need to evaluate each given action to see if it contributes to reducing the deficit.
Budget Deficit \( = \text{Total Expenditure} - \text{Total Revenue} \)
If \(\text{Total Expenditure}\) decreases, the deficit decreases.
C) 1 and 3 only
Actions 1 (reducing revenue expenditure) and 3 (rationalizing subsidies) both lead to a decrease in government expenditure, which directly helps in reducing the budget deficit.
The question asks about the majority required to pass a bill in a joint sitting of both Houses of the Indian Parliament. This is a constitutional provision related to legislative procedure.
A) a simple majority of members present and voting. This is the correct constitutional provision for passing a bill in a joint sitting of the Indian Parliament, as per Article 108(4).
The question asks for the term that describes the receipts and expenditures affecting the assets and liabilities of the government, which are recorded in the capital account. This directly relates to the definition of a specific type of government budget.
A) Capital budget is the correct answer because it specifically refers to the receipts and expenditures that create or reduce assets or liabilities of the government, which are recorded in the capital account.
The question asks about actions the government can take to reduce a persistent budget deficit. A budget deficit occurs when total government expenditure exceeds total government revenue. To reduce a deficit, the government must either decrease expenditure or increase revenue.
Correct Option: A) 1 and 3 only
This question asks to classify certain types of goods (national defence, roads, government administration) based on their economic characteristics. Understanding the definitions of different types of goods (public, private, club, common resources) is key to answering this question.
Correct Option: C) Public goods
Public goods are characterized by being non-rivalrous and non-excludable. National defence, public roads, and government administration are classic examples of public goods because they are available to all citizens, and one person's consumption does not reduce another's ability to consume them, nor can individuals be easily excluded from their benefits.